老乡鸡IPO稳步进行，上市募资深化核心竞争力

Core Viewpoint - The Chinese fast food brand Laoxiangji is preparing for an IPO on the Hong Kong Stock Exchange, aiming to become the "first stock of Chinese fast food" amidst a highly competitive market, having achieved significant growth and currently ranking first in the industry based on transaction volume in 2023 [1] Group 1: Company Development - Laoxiangji began its journey in 2003 with its first restaurant named "Feixi Laomuhen" in Hefei, Anhui, and has successfully transitioned from a regional brand to a national leader over the years [3] - Since 2020, Laoxiangji has adopted a franchise model, establishing an efficient network of "direct-operated + franchise" stores, resulting in 1,564 stores across 55 cities by April 30, 2025 [3] Group 2: Operational Strategy - Laoxiangji has implemented a standardized operational system, becoming one of the first companies in the Chinese fast food sector to achieve comprehensive standardization across key operational aspects, ensuring consistent quality and service across all locations [4] - The company has a unique "from farm to table" supply chain model, being the first and only Chinese fast food company to implement a comprehensive traceability system, allowing for full control and transparency throughout the supply chain [4] Group 3: Future Plans and Funding - The latest IPO prospectus outlines the primary uses of the raised funds, which include enhancing the integrated supply chain, expanding the store network, improving information technology capabilities, and increasing brand promotion efforts [5] - Laoxiangji aims to leverage its leading position in the industry to strengthen its competitive edge through the IPO, thereby building a wider moat in the market [5]